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Is there any way to get FHA approval for a single condo in a project?

by DRodma_736_102 from Hampstead, Maryland. Oct 16th 2012 Reply


Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

No Longer able to do spot approvals. you can try to get the entire project approved. the latest HUD mortgagee letter has mentioned that guidelines for Condo approvals are now less strict.

Oct 16th 2012
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Travis Torcoletti (travis.torcoletti)
#0 ranked lender in South Carolina - 372 contributions

nope, not any more.

Oct 16th 2012
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William J Acres (William_Acres)
#74 ranked lender in Arizona - 8,728 contributions

FHA no longer allows "Spot Approvals"... you either find a complex that is approved, or find a single family home.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Oct 16th 2012
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Barb Lanis (BarbLanis)
#69 ranked lender in Illinois - 679 contributions

Unfortunately, FHA did away with what was called "spot condo" approval. Now, the entire project must be approved.

Oct 16th 2012
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Kim Clancy (TheClancyGroup)
#55 ranked lender in Colorado - 9 contributions

HelloFHA will no longer do spot approvals, however, in most cases you can still get financing through Fannie Mae/Freddie MacPlease email for further detailskclancy@firstcal.netThanks!Kim

Oct 16th 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Nope, FHA doesn't allow it anymore. Sorry.

Oct 16th 2012
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,843 contributions

No... Too much risk. This is also the main reasons that condo values have dropped so far.... Remember that if you buy it when you want to sell.

Oct 17th 2012
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